Research on the Impact of Value Added Tax Retention and Refund on Enterprise Green Innovation
The VAT retention and refund policy has important practical value in stimulating the vitality of enterprise in-vestment and in promoting the green innovation of enterprises.Based on the data of A-share listed companies from 2013 to 2022,this paper constructs a differential model using the 2018 VAT retention and rebate policy to empirically study the impact path of VAT retention and rebate policy on enterprise green innovation.The results show that the VAT rebate policy can signif-icantly promote the improvement of green innovation;In terms of the mechanism,the VAT policy can play a role in promoting corporate green innovation by easing financing constraints,alleviating information asymmetry and optimizing human capital.In terms of heterogeneity,from a regional perspective,the impact of the policy is stronger in the eastern region,regions with a higher degree of marketization,and regions dominated by the tertiary industry.Based on the enterprise dimension,the impact of the policy is more obvious in large-scale enterprises,state-owned enterprises,and non-heavy polluting enterprises.In terms of the regulatory effect,corporate governance,digital transformation and social responsibility play a positive regulatory role,which further affects the level of corporate green innovation.The further study shows that the tax credit has a stronger effect on promoting strategic green innovation,and enterprises have a strategic tendency toward the green innovation.Based on this,it is suggested that we continue to deepen the VAT reform,adapt to local conditions,and provide useful references for promoting green innovation of enterprises and high-quality economic development.
Value Added Tax Retention and RefundEnterprise Green InnovationFinancing ConstraintsInformation AsymmetryHuman Capital
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万方数据
